*** NEWSFLASH *** Tribeca sold to Washington Post *** NEWSFLASH ***
Listed financial services education provider Tribeca has been sold to United States-based education provider and business trade publisher Kaplan.
Kaplan, which last year pulled in revenue of over US$1 billion, is a wholly-owned subsidiary of The Washington Post newspaper.
The New York-based company provides education services across a range of disciplines including health care, business, education, financial planning and information technology.
Profits for Tribeca tumbled in 2005 from last year’s $1.4 million profit to a reported loss of over $3 million. This came despite a 41 per cent increase in sales revenue to $24.8 million, and a 51 per cent increase in operating earnings to $3.8 million compared with the previous year.
Shares in Tribeca are currently trading at 29 cents.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
